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Financial results for Q1-Q3 2022

Spar Nord Bank A/S
Spar Nord Bank A/S

Company announcement no. 39


Net profit of DKK 868 million and return on equity of 10.3%

The financial statements for the first nine months of 2022 show a satisfactory net profit of DKK 868 million and a return on equity of 10.3%. The Bank’s core income was positively affected by growth in net interest income driven by rising policy and market rates and a continuing increase in deposits and lending. Also, a fairly high level of activity contributed to satisfactory net fee income.

Having said that, the headlines in the third quarter of 2022 were largely the same as in the preceding quarters; rising inflation, higher interest rates, uncertainty relating to the war in Ukraine and concerns about future growth. As a result, the rout in the financial markets continued in the third quarter, affecting equity and fixed income markets alike. Overall, however, the Bank recorded positive market value adjustments of DKK 65 million in the third quarter, mainly stemming from the Bank’s sector shares.

As the credit quality of the Bank’s retail and business customers remained strong, we were able to keep credit losses at a low level. On the other hand, general uncertainty about the future prospects resulted in an increase in model-calculated impairment, and the level of management estimates was raised by DKK 50 million to DKK 576 million in the third quarter. Overall, this means the Bank is well prepared for the upcoming year, which, all else being equal, is expected to bring higher losses and impairment charges, says Lasse Nyby, CEO.


Please direct any questions regarding this release to Rune Brandt Børglum, Head of Investor Relations, on tel. + 45 9634 4236, or by e-mail at rsn@sparnord.dk.

Rune Brandt Børglum
Head of Investor Relations

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